Contura Energy withdraws public stock offering

The company blamed the change on capital market conditions, according to a written statement.

The company’s principal selling stockholders unanimously determined that proceeding with the offering under current market conditions would undervalue the company, according to the statement. Contura was formed out of the bankruptcy of Alpha Natural Resources.

The company has withdrawn its registration statement on file with the U.S. Securities and Exchange Commission.

“We appreciate the diligent consideration given by our company’s principal stockholders during this process,” CEO Kevin Crutchfield said in the statement. “Proceeding with an IPO at this time is not the best…